Stocks in Mideast Decline on Growth Concerns: Inside EM
Saudi Arabian stocks led a decline in the Middle Eastern equities markets on Sunday triggered by concern over the strength of U.S. stock markets after the S&P 500 fell for five straight days. The extent of the drop was mitigated by gains in oil prices.
MIDDLE EASTERN MARKETS:
- Tadawul All Share Index ended down 0.66%
- Traders focused on the IPO of Saudi Telecom Co.’s internet-services unit which closes for institutional investors on Monday. The firm is seeking to raise as much as 3.62 billion riyals ($966 million) from the Riyadh listing
- “Investors booked profit in Saudi index heavy weights while renewed interest was seen in reopening theme stocks. Oil was supportive cushioning the fall prompted by global cues”: Joice Mathew, head of equity research at United Securities in Muscat
- Dubai Financial Market General Index finished 0.36% down
- Emaar Development was -2.2%, Dar Al Takaful had the largest drop -3.7%, Gulf Navigation -3.3%
- Shuaa gained 0.43% after the company said CEO Alseddiqi directly owns 29.9% of shares
- Read: Aramex recently entered into discussions with the shareholders of MNG Kargo for a potential acquisition
- Dubai Financial Market plans to start new equity futures contracts in stocks of Dubai Investments, DFM Co. and Shuaa Capital on Sept. 19
- Read: The United Arab Emirates will spend 24 billion dirhams ($6.5 billion) on a package of benefits and subsidies designed to reduce citizen unemployment by making private sector-jobs more attractive.
- Bahrain Bourse All Share Index fell 0.2%, led by Ahli United Bank BSC
- Kuwait Premier Market Index was down 0.1%
- Boubyan Petroleum -1.03%; Ahli United Bank -0.7%
- TelAviv’s TA-35 was down -0.3% with Perrigo Co. contributing the most to the index decline -4.2%
- Read: Israel-based Tnuva has signed an agreement with the Emirates Food Industries for the sale of knowledge and assistance in establishing dairy production lines.
- Israel is making preparations to ensure it has sufficient vaccine supply in case a fourth round of Covid-19 shots is needed, the country’s top health official said on Sunday.
- Egyptian stock index closed down -0.2%
- Eastern Co fell -2.5% and MM Group for Industry & International Trade had the largest drop of -3%
- Oman’s main equities index was the sole regional index that ended higher, rising 0.1%
- The index was propelled by Galfar Engineering up 5.1% after winning a 40 million Omani Riyal contract
- Some accumulation bids in National Bank of Oman +2.6% also supported the index
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